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Gold and Silver

Gold and Silver have both had the best week for some time and both printed bullish engulfing candles last week. Both metals have now also bounced off major fib retrace levels from their last major swing highs. I thought I’d look to see how some of their stocks and ETFs are going. These seem to need a bit more time to recover though as trend line breaks seem a little way off for many of them. The next move on the USD will most likely seal the fate for both Gold and Silver and, thus, the USD index needs watching closely here too.

Gold:

monthly: Gold has bounced off the 61.8% fib retrace level from the last swing high and this may prove to be a turning point for the metal. I’m watching to see if Gold can close the month above the key psychological $1,300 level:

weekly: note the bullish engulfing candle

daily:

4hr

Silver

monthly : Silver has bounced off the 78.6% fib retrace level from the last swing high and this may prove to be a turning point for the metal.I’m watching to see if Silver can close the month above the key psychological $20 level:

weekly: note the bullish engulfing candle

daily:

4hr

Gold/Silver stocks:

NG: under a bear trend line

AUY: still in a channel for now

SLW: trend line break not too far away here!

ABX: is under key support of $15 and not looking too healthy just now

RGLD weekly: trend line break is a bit of a way off yet:

SLV weekly: is under a key support level of $20. Watch the monthly close here for any move back above this support: